Saving money on energy bills
October 10, 2008
Over recent months the cost of heating has soared, and this is the result of energy companies hiking up the cost of energy usage twice since the start of this year. Households, many of which are already cash-strapped, have found that they can barely afford to make ends meet as a result of the various rises in bills and living costs. All of the major energy firms have now increased the cost of energy usage, and this move is set to plunge many people into fuel poverty. Read more
Are you better off buying a used car rather than a new car?
October 9, 2008
With the 2008 new number plate hitting showrooms across the country, many consumers may be thinking about getting their hands on a brand new motor. However, unlike new registration launches over recent years this year could see a marked drop in the number of consumers able to treat themselves to this luxury. Most households are suffering real strains when it comes to their finances, and many simply cannot stretch to the luxury of a new car. Read more
A turnaround for the Rock?
October 8, 2008
Most people will clearly remember that this time last year the financial headlines were dominated with news about the stricken lender Northern Rock, which looked set to go under after it was found to have taken a huge emergency loan from the Bank of England. Within a very short space of time shares in the bank plummeted, worried consumers rushed to the bank to withdraw billions of pounds in deposits, and the Rock became the first victim of a run on a British bank in around one hundred and fifty years. Read more
Charity for elderly flooded with complaints over heating plan
October 8, 2008
According to officials from the charity Age Concern the charity has been flooded with complaints relating to the government’s Warm Front home heating scheme. The charity has stated that the level of complaints has soared over the past three years, and that in the past year alone it has received five thousand complaints relating to this scheme. In the meantime the government is announcing additional measures to try and help the elderly and more vulnerable. Read more
A quarter of the nation could face fuel poverty
October 7, 2008
Energy prices have been at the centre of heated controversy over the course of this year. At the start of the year the big energy firms in the UK cheerfully announced that because the price of wholesale energy had risen the cost of energy usage for customers would be going up, and just weeks later, true to their word, they increased energy usage costs quite significantly, leaving already struggling household to cope with more financial worry and strain. Read more
Banks try and tempt back customers with higher rates
October 7, 2008
Many of the major banks in the UK are trying to tempt back business from customers by increasing the interest rates that are offered on their current accounts. Whilst the judge that was presiding in the recent bank charge High Court test case deliberates over his ruling, which is eagerly awaited by campaigners and consumers who have slated these charges, the bank have decided to wage a current account interest rate war in a bid to increase custom. Read more
Rise in default levels expected over first quarter of year
October 6, 2008
Industry experts have predicted that the level of mortgage defaults over the first quarter of this year is likely to rise in the light of various factors that are affecting affordability for homeowners when it comes to mortgage repayments. Figures released by the Bank of England show that the level of defaults is set to go up, and the effects of the credit crunch are going to continue to affect affordability over the course of the year. Amongst the factors that are likely to affect affordability for homeowners are high interest rates and repayments, increased energy costs, higher petrol and food costs, and difficulties in getting affordable finance from lenders. Read more
Petrol prices rising despite drop in oil prices
October 6, 2008
Officials and consumers have been outraged recently after discovering that oil prices have plummeted by 40% yet petrol stations are still hiking up the cost of petrol. Officials are stating that this is having an effect on consumers’ pockets as well as on the economy as a whole, with consumers already struggling to cope with rising living costs, food prices, and borrowing costs. Read more
No change in base rate for January 2008
October 5, 2008
The Bank of England recently announced that the base interest rate is to remain unchanged in the UK. The announcement came late last week following the Monetary Policy Committee meeting. Many officials state that the MPC meeting is likely to have been a tough one given that members of the committee would have to juggle concerns about a slowdown in the economy with concerns over rising inflation. Interest rates will now stay on hold at 5.5% for the month of January, but many expect an interest rate cut to be applied in February. Read more
Npower cuts off more customers than other suppliers
October 4, 2008
According to a recent report the UK energy giant Npower has been cutting off more customers than any other supplier, which has raised concerns amongst regulators and watchdogs. Officials from the energy regulator Ofgem have stated that the energy supplier must do more to help customers that are struggling to pay their energy bills, rather than simply cutting them off and leaving them stranded, particularly given the financial strains hitting most households, which have not been helped by rising energy prices. Read more